USD10 Million OmniZK Developers Fund: Building the Future of BTC Fi

LeverFi
LeverFi
Published in
3 min readMay 22, 2024

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Ahead of the OmniZK testnet launch in Q2, we are excited to share that we have successfully raised a USD10 million OmniZK Developers Fund from leading institutions, market makers and private investors to support developers who are building the future of BTC Fi using OmniZK.

OmniZK as a secure validation layer for the Bitcoin network uniquely allows developers to shift complex computations onto any EVM layer, and relay the final event outcomes back to the Bitcoin network to conduct native settlements.

This allow developers to build and deploy scalable, interoperable DLC-applications that is natively settled on Bitcoin. The OmniZK layer represents a decentralized alternative compared to centralized Bitcoin L2s that are secured by either multi-sigs or institutional custodians.

OmniZK Investment Scope

We are pleased to share that we have invested into multiple high potential projects that are building the next generation of scalable DeFi applications on Bitcoin with OmniZK.

The OmniZK Developers Fund exclusively focuses on BTC Fi projects, and aims to invest USD100K, and up to USD500K (over multiple tranches subject to milestones) at the seed stage for high quality developer teams with proven technical expertise in developing native Bitcoin financial applications.

In addition to capital, we will support incubation projects in raising funds from VC partners, and also operationally in community growth, marketing, exchange listings and more.

Currently, the OmniZK Developers Fund have already made four investments into BTC Fi projects, and are ready to support more.

As an investment guideline, the OmniZK Developers Fund aims to invest into the following scope of applications that utilize DLCs to handle settlements:

Non-Custodial Liquid BTC

  • Currently WBTC is the dominant wrapped BTC available as liquidity on EVM networks. However, it is a centralized wrapper handled by an institutional custodian.
  • DLCs and OmniZK can be used to secure the underlying BTC for the issuance of non-custodial BTC liquid staking into any EVM network and transferred effortlessly across chains, including and not limited to Bitcoin L2s, Ethereum, and any other EVM chains.

Cross-Chain Money Markets

  • Cross-chain money markets (including lending/borrowing, prediction markets, options markets, NFTs lending) can be enabled locking up BTC into DLCs with collateral management, prediction outcomes, strikes, liquidation and other expressive logic handled on any EVM network.
  • At settlement, the BTC in the DLC is distributed accordingly to the event proofs secured by OmniZK.

Cross-Chain Native BTC Swaps

  • OmniZK integration with LayerZero means that cross-chain liquidity pools can be set up for users to provide liquidity and swap native BTC seamlessly withother assets on EVM networks.
  • Verified event proofs from the OmniZK network ensure that swaps are accurately settled natively on the BTC network.

To apply, project teams may reach out via the following channels:

  • Email: launch@leverfi.io
  • Telegram: @CharissaK (Developer Relations Lead)
  • Twitter: @LeverFi

LeverFi: Scaling Bitcoin and Global Web3 Ecosystems

Backed by world-class investors, LeverFi is a leading web3 innovation firm that continually reimagines the boundaries of decentralized finance. With its latest roadmap, LeverFi is set to break new ground and create new possibilities for Bitcoin and global web3 ecosystems.

Stay tuned for more updates as we continue to expand to more users globally, and deliver new innovations in decentralized finance by following us on our socials:

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